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Deloitte Hungary has published IFRS Kézikönyv 2009 – the Hungarian language translation of IFRSs in Your Pocket 2009. This 124-page publication includes all of the information in the English language edition.
At a conference organised by the Committee of European Securities Regulators (CESR), securities market regulators from 33 countries, representatives from the International Accountings Standards Board, and auditors met at CESR's offices in Paris on 3 and 4 December 2009 to discuss enforcement of IFRSs.
José Manuel Barroso, President of the European Commission, has announced that Michel Barnier of France will be the next European Commissioner for Internal Market and Services, succeeding Charlie McCreevy.
The IASB has Posted on its website an exchange of letters between the Trustees of the IASC Foundation and the European Commission regarding the Commission's concerns about IFRS 9 and its decision to postpone considering the Standard for endorsement.
The European Commission has posted on its website a letter from Jorgen Holmquist, Director-General of the Internal Markets and Services Directorate, to IASB Chairman Sir David Tweedie, indicating that the Commission has concerns about IFRS 9 and
encouraging the IASB to 'revisit the key elements of its proposal having a more direct impact on the right dividing line between 'fair value' and 'cost' accounting and on financial stability (in areas such as the key role of business model, the scope of the OCI category and the recycling of gains/losses, and the prohibition of bifurcation of embedded derivatives)'.
At its meeting on 11 November 2009, the European Commission's Accounting Regulatory Committee voted in favour of the adoption of the following IFRSs for use in the European Union:
Annual improvements 2009
Amendments to IAS 32 Classification of Rights Issues
Amendments to IFRS 2 Group Cash-settled Share-based Payment Transactions
ARC also decided to postpone its consideration of endorsement of IFRS 9. EFRAG has updated its endorsement status report to reflect the ARC recommendations.
In a Letter to the European Commission, Deloitte Touche Tohmatsu has recommended the endorsement of IFRS 9 Financial Instruments, relating to the classification and measurement of financial instruments, for use in the European Union.
The European member firms of Deloitte Touche Tohmatsu have written to the European Financial Reporting Advisory Group (EFRAG) in support of EFRAG's tentative conclusion to recommend that IASB's new principles for classifying and measuring financial instruments, which the IASB is expected to release shortly as IFRS 9 Financial Instruments, should be adopted for use in the European Union.
The Committee of European Securities Regulators (CESR) has analysed the 2008 financial statements of 96 European listed banks and insurers, including 22 companies from the FTSE Eurotop 100 index, to assess compliance with the disclosure requirements of IFRS 7 Financial Instruments: Disclosures.
The European Commission has published a report on the approximately 100 responses received to the Commission's consultation paper on review of the Accounting Directives: Cutting Accounting Burden for Small Business–Review of the Accounting Directives.
The Committee of European Banking Supervisors (CEBS) has published a consultation paper proposing disclosure guidelines intended to help financial institutions improve their risk disclosures in the wake of the financial crisis.
Sir David Tweedie, Chairman of the International Accounting Standards Board, met with the Economic and Monetary Affairs Committee of the European Parliament on 28 September 2009 to discuss the IASB's response to issues arising from the financial crisis.
FEE (Federation des Experts Comptables Europeens – Federation of European Accountants) has issued a policy statement on financial reporting confirming its views that a single set of global accounting standards is needed, but concluding that convergence should no longer be a key driver in the financial reporting debate.
At the meeting of the European Commission's Accounting Regulatory Committee (ARC) yesterday, all EU Member States voted in favour of Commission Regulations endorsing the following standards for use in Europe:
Charlie McCreevy, the EU Commissioner for Internal Market and Services, spoke on issues relating to the economic and financial crisis before the Institute of Chartered Accountants in Ireland in Dublin on 26 June 2009.
Meeting in Lecce, Italy on 12-13 June 2009, the Group of Eight (G8) finance ministers agreed on a set of common principles and standards for propriety, integrity and transparency aimed at stabilising the world's financial markets.
IASB Chairman Sir David Tweedie met yesterday with the Economic and Financial Affairs Council (ECOFIN) of the European Union to discuss how the IASB is responding to issues arising from the financial crisis.
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